These discounts combined can save you thousands of dollars over the life of the home loan.

How do I qualify for a 15% deposit home loan?

Since you’re borrowing more than 80% of the purchase price (80% Loan To Value Ratio or LVR), lenders will want to see you meet specific lending criteria:

A good income: Basically, the bank wants to see that you have the means to make your mortgage repayments relative to the amount that you’re borrowing.

A good asset position: The amount of assets you own should be in proportion to your level of income and how long you’ve been working. A low asset position raises questions about how well you manage your money.

A credit file clear of black marks: Having a good credit history is a reflection of your character as a borrower. Having 6 month track record of paying your bills, credit cards, personal loans and other debts on time will mean you have a much better chance of getting approved.

A good job history: Although an employment history of at least 6 months is required, some lenders can make exceptions if your situation is otherwise strong.

These are just general guidelines for qualifying for a 15% deposit mortgage so please call one of our mortgage brokers on 1300 889 743 or complete our free assessment form and we’ll let you know how we can help you.

Can I get LMI waived?

Typically only offered to particular professionals, we may be able to help you avoid LMI, a premium normally charged by the bank when borrowing more than 80% of the property value.

LMI can be quite a significant cost and, worst of all, it’s designed to protect the bank, not you, in case you default on your mortgage.

To give you an accurate estimate of the cost, for a $561,000 loan on a property valued at $660,000 (85% LVR), your LMI premium could be almost $8,000, which you’ll have to pay upfront when you settle your home loan.

To qualify for waived LMI:

The maximum amount you can borrow is $1.5 million at 85% LVR.

You must have a clear credit file.

All other aspects of your situation, including income and asset position, must be strong.

Our mortgage brokers are specialists at 15% deposit mortgages with no LMI so please call us on 1300 889 743 to discuss your situation with us today.

If you don’t qualify for waived LMI, don’t worry!

Your LMI premium will be significantly cheaper anyway because the LMI premium rate drops significantly once you have more than 10% as a deposit.

Do I need genuine savings?

What do you mean by genuine savings?

Genuine savings is a requirement that most lenders have.

In basic terms, it means that in order to qualify for a home loan, you’ll need to have at least 5% of the purchase price as savings that you’ve accrued over a period of 3 months.

Keep in mind that if you’re a first home buyer, you may be eligible for the First Home Owners Grant and stamp duty waivers depending what state you live in.

Call us on 1300 889 743 or complete our free assessment form and we can tell you exactly how much you’ll need to buy a home with a 15% deposit.

What if I have bad credit?

Although you’ll generally need a solid credit history with a 15% deposit home loan, a specialist lender may accept your situation if you have a few defaults but an otherwise strong situation.

The bad credit home loans page will provide more specific approval criteria if you’re in a situation like this. Have a read and then simply complete this free assessment form and one of our bad credit specialists will get back to you within 24 hours.

In meantime, you may want to look at:

Paying your bills and debts on time, every time for a period of 6 months.

Paying off any small debts.

Reducing your credit card limit to what you actually use.

Apply for a 15% deposit home loan today

Please call 1300 889 743 or fill in our free assessment form and one of our low deposit specialists can you let you know if you quality for a 15% deposit mortgage.

Significant home loan discounts are available from our panel of lenders including reduced interest rates and waived LMI so call us today!

Yes, as long as it’s only a minor bad credit record, you can get it cleared. This should give you a better chance of qualifying for an 85% lend. Please note though that you’ll only be able to remove disputable, unfair or contestable listings from credit reports. You can find out more about this here:https://www.homeloanexperts.com.au/bad-credit-home-loans/credit-repair/

Mondor

Can I get a home loan even if I’m on probation? I recently changed jobs but it’s within the same industry.

As long as your parents have sufficient equity, that should be okay. Some of our lenders can still secure a guarantee on their property using a second mortgage. How do lenders work out if your guarantor has enough equity in their property? The total debt secured on the guarantors property, for example their current home loan plus the new limited guarantee, must be less than 75% – 80% of the value of their property. You can use our guarantor loan calculator to work it out and enquire online directly through the page if you need help:https://www.homeloanexperts.com.au/mortgage-calculators/guarantor-loan-calculator/

Piper

My wife is Australian and so I’ve just recently arrived here in Australia on a 309 visa. I would like to know if I can get a 15% deposit home loan despite not being Australian.

Hi Piper,
Most banks and other lenders may only lend 80% of the purchase price due to strict Lenders Mortgage Insurer (LMI) policies. However, some banks can actually allow you to borrow up to 95% of the purchase price. Note that you must be in a strong financial position and have a stable relationship. Please call 1300 889 743 if you’d like to discuss your situation and loan needs with a 309 visa home loan specialist.

We’re experts at finding the right home loan solution for our customers